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Property prices in Ecuador

Hello everyone,

Finding affordable housing in Ecuador is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in Ecuador?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

That is a rather grandiose topic and one that even the most seasoned real estate agent would probably avoid jumping on because there really is no complete answer.  Also because any answer is one a professional would undoubtedly be held to!

In fact, only someone trying to pull a fast one...with a low ball price and a "too good to be true" offer is going to respond with the facts and figures you are requesting.

The other reason to put out a query like that would be to prepare one of those popular but quickly dated and therefore useless pamphlets or E.books for expats to be on "Everything You Need To Know..." about Moving to Living In Retiring To but were afraid to ask in person because someone might laugh at you...here's a 100 bits of information to scare you and so forth...  Hey, I know the guy who writes those books.  I´m even IN those books.  They really get old fast. 

If you want ballpark prices and idea, dow what is the most logical in any location.  Review what the locals do.

10 Years ago this would be looking at the newspaper advertisements, talking to friends and neighbors, and of course visiting the areas you want to live and scoping the neighborhood for weeks, months and even years.

These days we have the opportunity to look on the Internet.

But here is a huge hint.  Local folks do not look at advertisements in English.  You want to look at ads placed in Spanish.

Don´t speak Spanish?  Use Google Translate.

Pull up a Google Map

And hit Plusvalia and OLX and Mercardo Libre.

If you want to see what is being sold or rented ...often times in the very same areas to the Gringo market and see the markup...compare what you find to what is being markets to the gringo market on Viviun, the Ecuador MLS, and Craigslist.

You may also want to mark down just which Real Estate folks and companies are in fact marking up their products for you gringo consumers and keep that handy.  It will help you avoid dealing with them when you actually do come to Ecuador looking for a place to live.

You´ll probably hear this when you get here... it´s originally one of my saying for a long time:

The most dangerous animal you will meet in Ecuador...is a Gringo with a Business Card...and not all the Sharks, swim in the Ocean!

I´m Susan, here in Montañita...here in my little garden apartment walk up.  Needs some work but at $250 a month with wifi, a terrace, and a balcony looking out on the beach, it´s pretty nice.  Not for everyone, it´s pretty basic to start.

I am the former manager of  the Ocean Hideaway near Salinas  for the past 8 plus years (and current owner of the property) and I am a professional consultant advising folks about the realities of living here on the coast of Ecuador. 

Susan

Finding affordable housing in Ecuador is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

I live in north-centro Quito and I'll share my perspective of this area.

What are the most desired places to live?

In this area it's all good especially the financial district, Tenis, Gonzalez Suarez, Granda Centeno, Batan, Batan Bajo, Rumipamba, La Pradera, Bosque, Floreana, Eloy Alfaro, La Floresta, and for some La Marisical. There are other neighborhoods that appear desirable but I'm sharing personal experience and areas I visit.

What is the average cost of a rented flat?

On average for non-furnished properties in a well-kept building it's approximately:

Suite/1 Bedroom $450+
2 Bedroom $550+
3 Bedroom $700+

And what is the average sale price for an apartment or a house?

Prices are all over the place and I don't even want to really get into it. Some newer buildings will ask for as much as $2000 per square meter. Given the seismic activity and developers heeding the demand for properties that are earthquake proof the higher prices will reflect buildings that are relativity earthquake-proof or at least to a certain magnitude. But starting at $1000+ per square meter is normal for this area. 

Is it a place you would recommend?

It's Ecuadorean but the mentality is quite cosmopolitan. This is why I love big cities because as foreigners we’re just a drop in a bucket and essentially fit in. The people are friendly, receptive, and if initially reserved, they are outgoing once they know you. This is of course provided you know some Spanish and have an outgoing personality yourself.  So, from a people perspective, yes.

It’s safe, and also a great area if you like everything nearby, restaurants, bars, parks galore. The airport is 30-40 minutes away by car/taxi, and a $2 mini-express bus from Rio Coca is less than an hour away.

What’s great about centro-north Quito is it’s not overwhelming, the only drawback that I’m experiencing is there is pollution on main streets, especially those with bus traffic. It’s important that people understand this and choose a residence between major streets. Another drawback it's probably one of the most expensive areas in the country in terms of buying things, example don't be shocked if a $0.50 humita costs $2.50 in a cafe.

I'm in TONSUPA, Esmeraldas. A great tranquil place.
All sort of properties in this area, from single houses, to Villas, Apartments and Penthouses in high rise buildings facing the Ocean.
Average price :  Approx. $1,000.00 / per square meter. Prices will get higher or lower according to location and finishing.
Last year I bought a small Villa (3 bedroom- Bungalow) in a small complex composed of only 13 units, located three block from the beach; paid $68,000.00.  Prior to that I owned a 2 bedroom apartment in the same area; paid $48,000.00.

No gringo communities in this "hidden paradise".  Suitable for people seeking Peace and Tranquility ( except for long weekends when City folks invade the nearby beaches.)

MM

With many condo's badly damaged from the earthquake in Manta, and mine was damaged so bad that it has been torn down. I moved to Santa Marianita, 15 minutes south of Manta. A great Town-Home on the beach, built with the most modern methods that are earthquake and sound proof, with great insulation. Two stories with roof terrace, 163 M2 two bedrooms, 2 ½ bath, solar hot water! Fantastic!   At a reasonable price at just under $1,000 p/M2
It is nice to have many Cabana's (restaurants) to choice from, if you don't feel like cooking, specially a nice lunch for $3.00
The beach stretches over 5 km, perfect for your daily exercise.

DutchCanMen :

With many condo's badly damaged from the earthquake in Manta, and mine was damaged so bad that it has been torn down. I moved to Santa Marianita, 15 minutes south of Manta. A great Town-Home on the beach, built with the most modern methods that are earthquake and sound proof....

No offense, Dutchman, but your story doesn’t make sense to me.

It’s not that I don’t believe you.  I do.

But if my condo was damaged earlier this year in an earthquake on the coast, I wouldn’t consider buying in the same metro area no matter how modern the construction was said to be or how great the beach is.

Why didn’t you rent this time?

Did you get insurance money to assist you in the new purchase?

cccmedia, condo owner in Quito

DutchCanMen :

With many condo's badly damaged from the earthquake in Manta, and mine was damaged so bad that it has been torn down. I moved to Santa Marianita, 15 minutes south of Manta. A great Town-Home on the beach, built with the most modern methods that are earthquake and sound proof, with great insulation. Two stories with roof terrace, 163 M2 two bedrooms, 2 ½ bath, solar hot water! Fantastic!   At a reasonable price at just under $1,000 p/M2
It is nice to have many Cabana's (restaurants) to choice from, if you don't feel like cooking, specially a nice lunch for $3.00
The beach stretches over 5 km, perfect for your daily exercise.

Wondering how the port facilities are looking in Mantra these days, might be taking a cruise next year with a stop there.

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